Rural/Metro Corporation has announced that it plans to formally emerge from Chapter 11 bankruptcy in the next few weeks.
The company, which provides ambulance service in Sumter County, filed for Chapter 11 in August, when officials said they would use the process as a time to restructure financially and cut its debt by approximately 50 percent.
According to a press release, the U.S. Bankruptcy Court has approved the company’s Plan of Reorganization.
“The Court’s confirmation of our plan is a major milestone for Rural/Metro, and we look forward to completing our financial restructuring and emerging as a stronger and more competitive company,” said Scott A. Bartos, president and chief executive officer of Rural/Metro. “We will emerge with 50 percent less debt, greater capital flexibility and the resources to continue investing in patient care. I want to express my gratitude to our business partners and valued employees for their patience and support throughout this process, and I look forward to an exciting and prosperous future.”
Rural/Metro said their local operation in 21 states and nearly 700 communities have were unaffected by the corporate restructuring.
